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Appraisal waiver only for HARP loans?

My loan is owned by Fannie Mae and I'm trying to do a refiance. Can a appraisal waiver only done if you are doing a HARP 2.0 Refi Plus (manual underwrite)? Or can one also be done for HARP DU Refi Plus? How about a nornal DU Refi Plus? Exactly what is the criteria for an appraisal waiver if your loan is owned by Fannie Mae? Does it depend on other factors such as LTV, credit score, income, etc.? by joeman_369_356 from Riverside, California. Aug 1st 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

Appraisal Waiver is approved or denied as part of the Desktop Underwriter Automated system.. All files have to be first run through DU.. if it's approved and the results allow for an appraisal waiver, then you're ok.. if your file has to be manually underwritten, then more than likely they will require an appraisal...I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 1st 2012
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Jesse Olson (jesseolson)
#624 ranked lender in California - 37 contributions

Joe-DU can hit approve/eligible up to 62%/63% if you have the assets that you have listed...4.125% is a lot higher than the current market rates. Call me to discuss further as rates are hovering around all-time lows!We've locked 3.5% loans today for 30 year fixed, so it's definitely worth your time to see what we could do for you.949.491.8607

Aug 1st 2012
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What gives you the impression I'm a loan broker? I'm a homeowner looking for answers to my questions.

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

In order to get the appraisal waiver you need to have automated approval .. Manuel UW is for super low debt to income and are case by case. All factors such as LTV and CLTV credit history and income will be factored in the DU or LP computer generated approvals . Call me @ 619 884 9116 Ryan

Aug 1st 2012
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So whether I do a HARP DU Refi Plus or normal DU Refi Plus I could be eligible for an appraisal waiver?

Aug 1st 2012
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Right now I started a HARP Refi Plus (manual underwriting) with my original loan servicer who is not requiring a appraisal. So if I have a local broker run my file thru automated DU Refi Plus to see if I can get approval (and also whether I can get an appraisal waiver) will that in any way affect the status of my file with original loan servicer? So far they have just sent me the initial paperwork to look over to sign and send them back to start the process.

Aug 1st 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

The DU Refi Plus is HARP, and has been updated to work within the HARP 2.0 guidelines.. there is not 2 different programs.. Just the one.. and once your file is run through DU, it will determine if you get an appraisal waived or not.( more than 85% are getting waivers)I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 1st 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

I'm not really sure why they would only do a manual underwrite.. Unless it's just their policy for loans they are servicing... I would try using a broker, rather than your current loan servicer.. you will know within an hour if your loan is a approved through DU and if the appraisal will be waived.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 1st 2012
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The information I got from a local broker is "that any loan, HARP or non-HARP can be run thru DU. Within DU, DU Refi Plus is a version that applies only to eligible loans (acquired by Fannie Mae before May 31 2009). If the loan is >80%, it is HARP DU Refi Plus. If the loan is <80%, it is ONLY DU Refi Plus (not HARP)".Also the other information I was given is that "If I go outside of DU Refi Plus, the maximum debt ratio will be 50%, and in most cases 45%. Only DU Refi Plus allows up to 65% Debt Ratio".Is this information correct?

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

We do not t broker the HARP 2.0 deals we fund them in House ... Everyone sends these Deals to the same bank CMG turn times are 60 days for a simple yes or know. I can close in 21 days and figure out if need appraisal in 1 day. California based in San Diego.

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

Have you had any lates on mortgage? If you have more than 1 it will be tough to get a waiver or an approval

Aug 1st 2012
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Jesse Olson (jesseolson)
#624 ranked lender in California - 37 contributions

Hi Joe,I'm a Direct Lender who is licensed in CA, AZ, CO, OR, & NJ and most of the responses below are correct. If you would like me to take a look at your situation, then we would run DU for an approve/eligible and we'll try to get the appraisal waiver for you. This will not cost you any money up front and there is zero obligation to move forward. Our highly experienced processing manager has a knack for getting those appraisal waivers through DU. Please feel free to contact me at 949.491.8607 or jolson@afnmortgagelenders.com as we could find out the results today for you, thank you!Sincerely,Jesse Olson

Aug 1st 2012
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No lates and never missed a payment. Credit score (pulled my current loan servicer) is 819, have plenty of reserves (savings, 401K, etc.), LTV around 78% (based on what my current loan servicer has down on my packet I received) and current loan at around $195500. The only sticking point would be my DTI being rather high (above 50%) using the adjusted income from Schedule C (self employed - sole proprietorship). Are my chances good for a DU Refi Plus approval and/or appraisal waiver?

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

The banks want to see you @ 45% debt to income... Are you carrying any personal debt that you can pay down? What rate were you getting quoted?

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

DU refi plus is different from HARP by the way best thing to do is just call me 619 884 9116

Aug 1st 2012
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Right now I'm locked in at 4.1 (with a lender credit of -1.5) from my original loan servicer. However, they have 1% origination fee, plus $625 for processing/app fee on top of that. Overall the closing costs would be $1050 plus another $597 for prepaid interest so in total I will adding about $1600 or so to my current loan for that rate.

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

what is your loan amount so I can quote you ?

Aug 1st 2012
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RM,Loan amount is $195.5K.

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

3.875% closing costs of 2800 I would credit you 2200 rolling 600 into the loan payment $917 ... If you wanted to do 3.5% $876 payment we roll 2800 into your loan Includes title and escrow and all fees Who is your loan servicer?

Aug 1st 2012
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RM,Current servicer is SunTrust. Does that rate take into account escrow waiver (I don't have it right now as well)? The $2800 closing includes all fees including prepaid interest or will that be additional $500-$600 (plus the $600)..so my new loan would be $196,600?

Aug 1st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

There is only one DU Refi Plus and it is the HARP 2.0.

Aug 1st 2012
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Ryan Romero (REFIryan)
#422 ranked lender in California - 26 contributions

They changed the name for reason refi plus to HARP 2.0 .... unlimited ltv ... not 125% so its different and has its own guidelines.... once your over 125% its another animalI been doing this for sometime .

Aug 1st 2012
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Blake Kleckner (BlakeK)
#3 ranked lender in California - 250 contributions

HARP 2.0 Refi Plus, HARP DU Refi Plus, and DU Refi Plus are one in the same. DU is just an abbreviation for Desktop Underwriter which is Fannie's computer systerm for detemining borrower eligibility. No one really knows what the criteria is for an appraisal waiver. It's Fannie's best kept secret and I doubt very many, if any, know how it works. It is determined by some, supposed, complex computer algorithm that takes into account every aspect of your loan input into Fannie's Desktop Originator program. LTV, DTI, FICO score, employment history, monthly income, monthly debt, cash reserves, where you live, and a host of other factors can all have a bearing on getting a waiver. Quite honestly, all those who get a HARP 2 loan should be forever grateful to the U. S. government for giving them exceptional mortgage relief regardless of whether or not an appraisal waiver is granted. Paying $400 to $500 for an appraisal is miniscule conpared to the $200 to $1,100 monthly savings with this amazing loan program. All homeowners who must pay for an appraisal to get a HARP 2 loan will easily recoup the cost of it in 2 months--if not one. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss HARP 2 loan guidelines with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Aug 3rd 2012
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